The Exeter has brought a new protection product to market that combines its Income One and Pure Protection offerings.
The new product, ‘Income First’, features level guaranteed premiums across all occupation classes and age-costed options.
It also contains a new employer change promise, which sees members who change jobs during their policy term and end up with restricted sick pay when in their probation period still able to make a claim if eligible during this time.
Additionally, the need for medical evidence when underwriting has been reduced.
As well as this, NHS professionals and teachers will be able to enjoy flexible waiting periods .
The Exeter director of distribution and marketing Steve Bryan comments: “We’ve seen substantial growth in our income protection business in the last five years by developing strong products and backing that up with consistent service.
“Income protection should be the number one priority when it comes to protecting financial futures, and so we’re building on our expertise, as well as feedback from advisers, to evolve our product further. By doing so, we hope to be able to provide greater flexibility and meet the needs of an even wider group of customers.”
And Protection Guru head of research Adam Higgs adds: “Income First provides advisers with all the excellent features that advisers will be accustomed to from The Exeter.
“It is great to see that nothing has been removed whilst more flexibility has been added in the form of more premium options, better increase options and sick pay matching for NHS medical professionals and public school teachers.
“This will make The Exeter a more attractive proposition to far more clients. However, what impressed us is the new employer change promise. For a long time we have challenged income protection insurers to do more to accommodate the changes in circumstance client’s will inevitably go through.
“Whilst we think The Exeter could extend this further this is a valuable benefit in its own right and they are the first insurer move in this direction.”
